March

Latest batch of editorial corrections to IFRSs released by the IASB

09 Mar 2011

The IASB has posted to its website a new batch of Editorial Corrections to IFRSs.

This batch makes editorial corrections and changes to IFRS 9 Financial Instruments (issued October 2010), Bound Volume (Blue Book) 2011 and Bound Volume (Red Book) 2011.
Click for:

 

New Deloitte publication on leases for the consumer business industry

09 Mar 2011

Deloitte's IFRS Global Office has published IFRS Industry Insights: The Leases Project – An update for the consumer business industry.

This publication addresses three of the more contentious issues highlighted by the consumer business industry through feedback on the leases proposal issued by the IASB and US FASB in August 2010. Three of the more significant issues raised by the consumer business industry during the open comment period and subsequent roundtable discussions were around lease term, variable lease payments and the pattern of expense recognition.

Click for:

Agenda for March IASB and IASB-FASB meetings

09 Mar 2011

The IASB's regular monthly meeting is scheduled for 14-18 March 2011 in London, much of it a joint meeting with the FASB.

In addition, the IASB and FASB are meeting in Norwalk on 21-23 March 2011. Many of the topics to be discussed are spread over both meetings.

 

You can access the agenda on our March 2011 joint meeting page.  We will also post Deloitte observer notes on this page as they are available

Updated e-learning resources in Japanese

09 Mar 2011

Deloitte's Japanese IFRS Center of Excellence has released updated IFRS e-learning resources in Japanese.

The e-learning consists of 36 modules, based on accounting standards applicable at 31 December 2010, and is available free of charge.

The Japanese e-learning modules can be accessed Here. IFRS e-learning resources in English, Spanish and Chinese can be found at www.deloitteifrslearning.com.

The European Securities and Markets Authority issues summary of IFRS decisions

08 Mar 2011

The European Securities and Markets Authority (ESMA) has issued summaries of its IFRS decisions on the classification of financial liabilities, government grants, presentation of financial instruments, income tax, classification in the cash flow statement, intangible assets and share-based payments.

Click for the full report (PDF 362k).

Financial Accounting Foundation broadens webcast coverage of FASB meetings

08 Mar 2011

The Financial Accounting Foundation (FAF), responsible for the oversight of the Financial Accounting Standards Board (FASB), has announced that it will begin live video webcasting of all education sessions hosted by the FASB.

In December 2010, the FAF announced the commencement of live webcasting of decision-making FASB meetings (see our earlier story). This step widens the scope to include education sessions where no official FASB decisions are made, which are usually held one week before a public Board meeting is held on that same topic. The first education session to be webcast will be held on 9 March 2011.

The webcasts will be available here. Click for FAF press release (link to FAF website).

Upcoming Deloitte webcast on global financial reporting developments

08 Mar 2011

On 30 March 2011, Deloitte's IFRS Global Office is hosting a new webcast in its ongoing series of updates on global financial reporting.

The pace of standard-setting developments at the International Accounting Standards Board (IASB) is unprecedented, and it is creating challenging times for financial and tax professionals. This global financial reporting webcast is designed to focus on the developments you should know about now, discussing:

Stay informed about the latest developments from the IASB and their potential effects on your financial reporting and tax accounting.

Topic: IFRSs: Important developments
Date and time: Wednesday, 30 March 2011
9:00-10:00am London time (GMT +1), which is 4:00-5:00pm Hong Kong time (GMT +8)
Host: Joel Osnoss, Global Managing Director – IFRS Clients and Markets
Presenters: Randall Sogoloff, Leader – Global IFRS Communications
Andrew Spooner, Lead IFRS Financial Instruments Partner
More information: Click Here
Registration: Click Here

EFRAG urges IASB and FASB to agree on a joint timetable for finalising a converged financial instruments standard

08 Mar 2011

The European Financial Reporting Advisory Group (EFRAG) has sent a joint letter to both the IASB and the FASB in which it calls on the two bodies to concentrate on agreeing a timetable for producing a finalised converged financial instruments standard.

EFRAG says that: 'Reaching agreement on a converged financial instruments standard appears again to be a realistic goal that IASB and FASB can achieve jointly. While it may not be possible to finalise hedge accounting requirements before the end of 2011, agreement on the classification and measurement, impairment and offsetting requirements before the end of 2011 is certainly an achievable and valuable goal'.

It says that recent efforts by the FASB show 'strong signs of the FASB's willingness to work actively towards a converged standard for the accounting for financial instruments'. Then it points out that: 'In the meantime, IASB has not yet defined possible requirements for portfolio hedge accounting, consistent with the objective set for hedge accounting to reflect hedging strategies implemented following an entity's risk management. In its comment letter on the IASB Exposure Draft Hedge Accounting, EFRAG expects to express the view that the IASB should not finalise a standard on the general hedge accounting model, before developing a model for portfolio hedging'.

It concludes by saying that: 'We urge the two Boards to continue their joint efforts to develop a converged high-quality financial instruments standard – with careful consideration of EFRAG's recommendations to that purpose — and agree on a new joint timeline for the finalisation of such standard, consistently with the G20 requirements'.

Please click for EFRAG press release (link to EFRAG website) and the letter (PDF 89k).

The next step towards a new private company reporting regime in the United States

07 Mar 2011

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the formation of a Trustee Working Group to address the accounting standard setting for nonpublic entities.

The Working Group will conduct outreach to stakeholders in various ways, including roundtable meetings, surveys, and meetings with advisory and constituent groups and others.

In conjunction with obtaining input on the scope of the issues and concerns to be addressed, the Trustees also will seek input on suggested improvements, including the solutions recommended by the Blue-Ribbon Panel. The Blue-Ribbon Panel report, issued on 26 January 2011, calls for the creation of a new board that would focus on making exceptions and modifications to U.S. GAAP for private companies that better respond to the needs of the private company sector. The Panel did not recommend adopting the IFRS for SMEs at this time (see our earlier story).

Click for FAF press release (link to FAF website).

World Economic Forum report focuses on sustainable investing

07 Mar 2011

The World Economic Forum (WEF) has released Accelerating the Transition towards Sustainable Investing – Strategic Options for Investors, Corporations and other Key Stakeholders.

The paper asks 'What are key pathways for investors, corporations and other key stakeholders in the investment value chain to accelerate the transition towards sustainable investing?' The report notes that financial markets have great potential to accelerate the transition towards sustainable business practices and sustainable models of economic development, to further stimulate the integration of environmental, social and governance (ESG) factors into mainstream investment analysis.

Whilst the report focuses on a wide range of possible initiatives, accounting bodies are seen as key players in developing standards for ESG disclosure and stimulating integrated reporting.

Click for access to the report (link to WEF website).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.